YawLife/LifeCoin® Whitepaper - A Peer-Reviewed Social Network

Hi everyone, I would like to announce the currency LifeCoin®, its impending crowdsale in January, and our accompanying social network YawLife.

In this post, you will find access to the draft of our Whitepaper. It is important to note that there will be aesthetic changes (both to our website and whitepaper) before the launch of the crowdsale. The reasoning for this post is to give you all a sneak peek, and gain your valuable feedback and insight into this project.

We are not asking for funding at this time (that will come during the crowdsale) – there are many logistical elements from a legal standpoint which we need to address to ensure that LifeCoin® is not considered an unregistered security, and as such we have already – and will continue to – seek legal advice in this vastly evolving industry. In doing so, we aim to respect prospective investors by not preemptively rushing into a crowdsale before all aspects are covered, and everyone involved is compliant from a legal standpoint. The way we see it, it’s better to do things right, than to regret not doing so for the sake of time (a mistake many in this industry have made).

So, let’s get down to it! I wrote this white paper along with Uwe Cerron (our CTO). It details YawLife, a peer-reviewed Social Network built around rewarding content creators and reporters, who aid in eliminating fake news/plagiarism. Each user’s original creative/scientific works are watermarked on the blockchain, and the proper credit is given when due. This includes when users share each other's content. Initially, we are mostly powered by Ethereum smart contracts. We have a unique digital rights management system, where users deposit LifeCoin® into a DRM Purse to protect their post, and this rewards reporters who come to a consensus as to whether other content is/isn’t infringing. When a post is infringing, all money made off that post (and shares of it) go to the original creator. Original creators can optionally denominate a percentage of a posts’ earnings towards people who share their content (so that individuals/groups with moderate-large audiences have an incentive to share this content, as they receive a portion of the earnings made off of its views/tips/shares).